News Releases

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TSX SYMBOL: TDG

CALGARY, June 9, 2011 /CNW/ - Trinidad Drilling Ltd. ("Trinidad" or "the Company") is pleased to announce that it has entered into an agreement to sell its well servicing rigs and related equipment (TWS) to Central Alberta Well Services Corp. (CWC) for $38 million in cash, excluding positive working capital.

Well servicing has been an important part of Trinidad's operations for more than ten years and has provided a level of diversification as the Company has grown its contract drilling business. Trinidad now operates more than 120 drilling rigs across North America, providing broad geographic diversification and reducing the need for the diversification added by the well servicing division.

"As well servicing has become a less significant part of our overall business, we needed to invest capital to grow this division or to narrow our focus more tightly towards contract drilling," said Lyle Whitmarsh, Trinidad's President and Chief Executive Officer. "Our growth over past few years has largely been through adding deep, technically advanced drilling rigs and we have developed a reputation as an industry leader in this area. Our decision to sell our well servicing assets reflects our strategy to focus on the deep, modern contract drilling market where returns are generally stronger and where we see opportunities for future growth."

Trinidad's well servicing division has 22 well servicing rigs operating from three centres in Alberta. The well service fleet is made up of:

- Two skid doubles

- Six mobile free standing class III singles

- Five mobile class III doubles

- Two mobile class III free standing doubles

- Seven mobile free standing class II singles

CWC has agreed to purchase all 22 of TWS's service rigs and anticipates that they will retain the vast majority of employees currently working for TWS. The sale is expected to close on June 15, 2011. Trinidad expects to use the proceeds from the sale to fund the growth of its deep, technically advanced drilling fleet or to reduce overall corporate indebtedness.

Trinidad is a growth-oriented corporation that trades on the Toronto Stock Exchange (TSX) under the symbol TDG. Trinidad's divisions operate in the drilling, coring and barge-drilling sectors of the North American oil and natural gas industry with operations in Canada, the United States and Mexico. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.

FORWARD-LOOKING STATEMENTS

The document contains certain forward-looking statements relating to Trinidad's plans, strategies, objectives, expectations and intentions. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document. The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to the completion of announced rig construction programs on a timely basis and on economical terms; the assumption that Trinidad's customers will honour their take-or-pay contracts; fluctuations in the demand for Trinidad's services; the ability for Trinidad to attract and retain qualified personnel, in particular field staff to crew the Company's rigs; the existence of competitors, technological changes and developments in the oilfield services industry; the existence of operating risks inherent in the oilfield services industry; assumptions respecting capital expenditure programs and other expenditures by oil and gas exploration and production companies; assumptions regarding commodity prices, in particular oil and natural gas; assumptions respecting supply and demand for commodities, in particular oil and natural gas; assumptions regarding foreign currency exchange rates and interest rates; the existence of regulatory and legislative uncertainties; the possibility of changes in tax laws; and general economic conditions including the capital and credit markets. Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the shares in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a United States person, absent registration, or an applicable exemption therefrom.